Uniswap Trading Volume Exploded by 450% to $7 Billion

CRYPTONAIRE LYWEEK

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Uniswap Trading Volume Exploded by 450% to $7 Billion

A new DeFi project called Delta launched on Uniswap. Its rebasing system has made trading volume on the decentralized exchange appear higher than normal.

Trading volume on decentralized exchange Uniswap has jumped 450% over the last 24 hours. Total volume, per statistics on Uniswap.info, is $7.17 billion, compared to $1.6 billion yesterday. The previous daily record was $2.19 billion on October 26, 2020.

The token responsible for most of today’s volume is DELTA. In the last 24 hours, it’s done $6.13 billion in trading, or 85% of the total volume, despite only $16.4 million in liquidity.

The new record, alas, won’t stand. Uniswap creator Hayden Adams wrote on Twitter that the statistics DELTA has accumulated will not count toward the DEX’s global volume because of a quirk of Delta’s protocol. After that change, real trading volume is at around $1.05 billion, a fairly normal day for Uniswap.

Delta may not ring a bell because it’s new. Its token, which resides atop the Ethereum blockchain, just launched yesterday. To get it without staking, you have to use Uniswap.

Delta calls itself “an on-chain options layer which utilizes a combination of liquidity standards to reduce premiums and offer competitive options prices.” More simply, options trading becomes expensive and volatile when there’s a lack of liquidity; Delta says it wants to fix this.

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